EACRA

JCR Eurasia Rating evaluated “Palgaz Doğalgaz Dağıtım Sanayi ve Ticaret A.Ş.” in an investment-level category on the national and international scales in the

periodic annual review and affirmed the ratings on the Long Term National Scale as ‘BBB+ (Trk)’ and upgraded the outlook on the ratings to ‘Positive’. On the

other hand, JCR Eurasia Rating affirmed the Long Term International Foreign and Local Currency Ratings as ‘BBB-’. Other notes and details of the ratings are

given in the table below:

JCR Eurasia Rating has evaluated “Kredi Finans Faktoring Hizmetleri A.Ş.” in an investment-grade category on a national and international level and affirmed ratings of ‘BBB+ (Trk)/Stable’ on the Long Term National Scale, ‘BBB-’/Stable on the Long Term International Foreign Currency Scale and ‘A-3/Positive on the Short Term National Scale. Other notes and details of the ratings are given in the table below:

Long Term International Foreign Currency

:

BBB-/ (Stable Outlook)

Long Term International Local Currency

:

BBB-/ (Stable Outlook)

JCR Eurasia Rating has affirmed the ratings of PJSC – West Finance and Credit Bank at ‘AA- (Ukr)’ on the Long Term National Scale and ‘A-1+ (Ukr)’ on the Short Term National Scale along with ‘Stable’ outlooks, which denote investment grade credit ratings. JCR Eurasia has also affirmed the Long Term International Foreign and Local Currency ratings as ‘BB-’ positioned above the country ceiling and has upgraded the Long Term International outlooks to ‘Positive’. Other notes and details of the ratings are given in the table below:

Long Term International Foreign Currency

:

JCR Eurasia Rating has evaluated Rönesans Holding A.Ş.’s consolidated structure and assigned a high investment grade credit rating of ‘A+ (Trk)’ on the Long Term National Scale with a ‘Positive’ outlook and ‘BBB-’ on the Long Term International Foreign Currency Scale with a ‘Stable’ outlook. The credit ratings and their details are given in the table below:

Long Term International Foreign Currency

:

BBB- / (Stable outlook)

Long Term International Local Currency

:

BBB- / ( Stable outlook)

Long Term National Local Rating

:

JCR Eurasia Rating has evaluated STFA Yatırım Holding A.Ş.’s consolidated structure and credit rating and assigned a high investment grade credit rating of ‘BBB+ (Trk)’ on the Long Term National Scale with a ‘Positive’ outlook and ‘BBB-’ on the Long Term International Foreign Currency Scale with a Stable outlook. The credit ratings and their details are given in the table below:

Long Term International Foreign Currency

:

BBB- / (Stable outlook)

Long Term International Local Currency

:

BBB- / ( Stable outlook)

JCR Eurasia Rating has affirmed the investment grade ratings of “Ereğli Tekstil Turizm Sanayi ve Ticaret A.Ş. and its consolidated structure including the subsidiaries Tümosan Motor ve Traktör Sanayi A.Ş.” as „BBB (Trk)‟ on the Long Term National Scale and „A-3 (Trk)‟ on the Short Term National Local Scale along with a „Stable‟ outlook. In addition, JCR Eurasia Rating has also affirmed the Long Term International Foreign Currency and Local Currency Ratings as „BBB-‟. Other notes and details of the ratings are given in the table below:

Long Term International Foreign Currency

JCR Eurasia Rating has evaluated “Say Reklamcılık Yapı Dekorasyon Proje Taahhüt San. ve Tic. A.Ş.” in an investment grade category and upgraded its Long Term National Grade to ‘A-(Trk)/Stable’. Additionally, the Long Term International Foreign Currency and Long Term International Local Currency grades have been affirmed as ‘BBB-/Stable’. Additional ratings are stated in the table below:

Long Term International Foreign Currency

:

BBB- / (Stable Outlook)

Long Term International Local Currency

:

BBB- /(Stable Outlook)

JCR Eurasia Rating has evaluated “Albaraka Türk Katılım Bankası A.Ş.” in a high level investment category and affirmed ratings of ‘AA (Trk)’ on the Long Term National Scale. JCR Eurasia Rating has also affirmed the Long Term International Foreign Currency and Local Currency ratings as ‘BBB-’ along with a (Stable) outlook.

JCR Eurasia Rating has evaluated “DeFacto Perakende Ticaret Anonim Şirketi” in National and International investment category and upgraded its Long Term National Local Rating to ‘BBB+ (Trk)/Stable’ on the Long Term National Scale; On the other hand, JCR Eurasia Rating has affirmed Long Term International Foreign and Local Currency ratings of ‘BBB-’ along with a ‘Stable’ outlook. Other notes and details of the ratings are given in the table below:

Long Term International Foreign Currency

:

BBB- / (Stable Outlook)

Long Term International Local Currency

JCR Eurasia Rating has reviewed and affirmed the investment grade credit ratings of “Destek Faktoring A.Ş. and its subsidiary’s consolidated structure” as ‘AA (Trk)’ on the Long Term National Scale and ‘A-1+ (Trk)’ on the Short Term National Scale along with an assigned ‘Positive’ outlook on the Long Term National Scale. JCR Eurasia Rating has also affirmed the Long Term International ratings as ‘BBB-’. Other notes and details of the ratings are given in the table below:

Long Term International Foreign Currency

:

BBB- / (Stable Outlook)